An $850 million development project is coming to the Seaport in Lower Manhattan.
The City of New York granted The Howard Hughes Corporation (HHC) final approval for 250 Water Street, a 26-story mixed-use project designed by architecture and urban design firm Skidmore, Owings & Merrill.
The 99-m (324-ft) tall building will provide a gateway to the Seaport and include approximately 270 apartments above a five-story base with Class-A office, retail, and community space. It will also offer market-rate residential units to address the high demand for rental housing in Lower Manhattan.
Expected to break ground this year, the project will generate roughly $1 billion in economic impact for the city and state, as well as create more than 3300 permanent and construction jobs.
Approval of the 250 Water Street project comes as HHC is nearing completion of the Tin Building, another significant milestone in the revitalization of the Seaport. The historic Tin Building is currently being refurbished and redeveloped by HHC as a marketplace in partnership with Chef Jean-Georges Vongerichten. It is set to open in spring of 2022.